Economists will be eyeing Chinese industrial production and retail sales on Monday, May 13 after data this week revealed that China’s export growth unexpectedly accelerated in April even as shipments to the U.S. and Europe fell, China's Customs Administration said.

Analysts at Bank of America are skeptical that the figures were distorted by fake reports.

On the U.S. front, market professionals will be looking at Monday’s scheduled retail sales report for April after a sluggish report for March.

A number of top U.S. retailers reported disappointing April sales on Thursday as consumers gravitated toward discount chains, and bad weather delayed spring shopping in much of the country.

Strong consumer spending is vital to the health of the U.S. economy today since personal consumption is about two thirds of U.S GDP.

Also On Thursday, weekly jobless claims are issued. Recent reports suggest a strengthening labor market as claims for unemployment benefits fell last week to its lowest level in nearly five-and-a-half years.